Paytm Payments Bank resumes KYC for bank, wallet customers

Paytm Payments Bank Ltd (PPBL) has said it has resumed Know Your Customer (KYC) process as well as onboarding new customers after receiving a formal nod from the Reserve Bank of India (RBI).

PPBL in June last year was asked to stop adding new customers after an audit by the RBI that made some observations about the bank’s KYC processes.

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In July last year, its then Chief Executive Officer (CEO) Renu Satti resigned from her position and took on the mandate of heading Paytm’s retail initiative. The bank had roped in veteran banker Satish Gupta as its managing director and CEO in October.

“PPBL has received a formal nod from the RBI to start onboarding new customers while resuming KYC for the bank as well as wallet customers starting from December 31, 2018,” PPBL said in its latest statement.

The statement added that potential customers would now be able to open their savings or current account with PPBL.

Payments banks can accept deposits from individuals and small businesses up to Rs 1 lakh per account…….Read More>>